Marvell Technology (NASDAQ:MRVL) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Marvell Technology (NASDAQ:MRVL) had its target price increased by equities research analysts at Wells Fargo & Company from $90.00 to $110.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 22.09% from the company’s current price.

Several other equities research analysts also recently commented on the company. Loop Capital initiated coverage on Marvell Technology in a report on Monday, November 11th. They issued a “hold” rating and a $95.00 price objective for the company. Oppenheimer boosted their price objective on shares of Marvell Technology from $90.00 to $110.00 and gave the company an “outperform” rating in a report on Tuesday. The Goldman Sachs Group raised their target price on shares of Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Rosenblatt Securities boosted their target price on shares of Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Three analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $95.39.

Marvell Technology Trading Down 3.3 %

Shares of NASDAQ MRVL opened at $90.10 on Tuesday. The firm’s 50 day moving average price is $81.45 and its 200-day moving average price is $73.93. Marvell Technology has a 52-week low of $50.35 and a 52-week high of $95.55. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The company has a market cap of $79.85 billion, a PE ratio of -83.91, a P/E/G ratio of 4.01 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same period last year, the business posted $0.18 EPS. The company’s revenue was down 5.1% compared to the same quarter last year. On average, equities research analysts expect that Marvell Technology will post 0.78 EPS for the current fiscal year.

Insider Activity at Marvell Technology

In other Marvell Technology news, CEO Matthew J. Murphy sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $73.29, for a total transaction of $439,740.00. Following the completion of the transaction, the chief executive officer now owns 208,915 shares in the company, valued at $15,311,380.35. This trade represents a 2.79 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $133,710.00. Following the sale, the chief financial officer now directly owns 114,211 shares in the company, valued at $10,180,768.54. This trade represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 267,000 shares of company stock valued at $20,899,260. Corporate insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds have recently bought and sold shares of MRVL. State Street Corp increased its holdings in shares of Marvell Technology by 0.3% in the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock worth $1,438,336,000 after buying an additional 68,893 shares during the last quarter. Ameriprise Financial Inc. raised its position in Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after purchasing an additional 2,254,610 shares during the period. Geode Capital Management LLC raised its position in Marvell Technology by 2.0% during the third quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock valued at $818,916,000 after purchasing an additional 219,692 shares during the period. Wellington Management Group LLP lifted its stake in shares of Marvell Technology by 4.3% in the 3rd quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock valued at $627,034,000 after purchasing an additional 359,005 shares during the last quarter. Finally, Van ECK Associates Corp increased its position in shares of Marvell Technology by 26.6% during the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock valued at $538,868,000 after purchasing an additional 1,570,050 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Company Profile

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.